The Federal Reserve is not a 'climate policymaker,' said Fed Chairman Jerome Powell, on Tuesday.
The Federal Reserve has only a “narrow” role regarding climate change risks – to make sure banks understand and manage the financial risks associated with warming temperatures, the central bank’s chairman Jerome Powell said Tuesday.
“Without explicit congressional legislation, it would be inappropriate for us to use our monetary policy or supervisory tools to promote a greener economy or to achieve other climate-based goals,” Powell said, in a panel discussion sponsored by the Swedish central bank in Stockholm.The Fed chairman did not discuss the outlook for the U.S. economy or monetary policy in his prepared remarks.
In his prepared remarks, Powell said the Fed has to resist the temptation of broadening its scope to address “other important social issues of the day,” so that it can remain independent to make interest-rate decisions without regard to short-term political considerations. “Restoring price stability when inflation is high can require measures that are not popular in the short term as we raise interest rates to slow the economy,” Powell said.
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